When is filing for bankruptcy the best option for debt relief?

We know that considering bankruptcy is not an easy decision. Worse yet, dealing with wage garnishments, threats of legal action and harassing phone calls from creditors only adds to the stress of making difficult decisions about how to handle debt problems. The good news is that filing bankruptcy puts a stop to all of these things, and can help you get started toward a new financial future.

When it comes to debt relief solutions, BDO’s Licensed Insolvency Trustees (LIT) only discuss bankruptcy with you after all of your other debt solutions have first been examined to see if they would fit your situation. When looking at all options, however, bankruptcy might actually turn out to be the best debt option for you. This can be the case when you don’t have many assets or enough equity in your home, you are struggling to make your monthly debt payments or pay your monthly bills, or your creditors have taken legal actions against you, like a wage garnishment or lien on your home. In situations like these, bankruptcy might be the right solution to help you and your family get a fresh start in the fastest and least expensive way.

How a Licensed Insolvency Trustee can help you file for bankruptcy

When you make an appointment to speak with a BDO Licensed Insolvency Trustee, the Trustee will carefully review your situation to see whether bankruptcy is the best debt solution for you. If so, they will be able to explain all the steps and answer any questions you might have about filing for bankruptcy and how it will impact you and your family. Our LIT will file all the necessary paperwork with the courts and your creditors and keep you fully informed throughout the process, providing you with all the information, documents, and next steps.

What do I need to know about bankruptcy?

1. To file for bankruptcy, you must owe at least $1,000 and be unable to make monthly payments. Bankruptcy might be the best solution for you if your debts are greater than the value of everything you own.

2. You won’t lose everything. Some of your possessions are protected by the federal Bankruptcy and Insolvency Act.

3. Legal action and harassing phone calls stop immediately when you file for bankruptcy. This includes any wage garnishments.

4. The bankruptcy process usually lasts nine months, after which you can start rebuilding your financial future.

5. Bankruptcy is not the only solution. A Licensed Insolvency Trustee will explain all your available debt relief options to find the best solution for you.

BDO St. Johns

INSOLVENCY DEBT CONSOLIDATION & BANKRUPTCY

BDO Canada Limited is an affiliate of BDO Canada LLP, a Canadian limited liability partnership, is a member of BDO international Limited, a UK company limited by guarantee, and forms part of the international BDO network of independent member firm.